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20130201
20130228
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KQEH (PBS) 15
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. the u.s. trade gap narrows as the world buys more made in america products and the u.s. buys less foreign oil. >> susie: and with gas prices rising, chevy hopes its new diesel chevy cruze will attract buyers looking for more miles per gallon. >> tom: that and more tonight on "n.b.r." >> susie: millions of people are bracing tonight for a powerful snow storm that could cripple the east coast. some forecasters say this could be the blizzard of the century with record amounts of snow and extremely strong winds. in parts of the northeast, transportation was shut down. the governors of massachusetts and connecticut declared a state of emergency and banned car travel, train service and cancelled flights in and out of boston. while the worst of the storm has yet to hit, many businesses and cities were busy making preparations today. erika miller reports. >> reporter: this monstrous storm is already being compared to the great blizzard of '78, when vast amounts of snow blanketed the ohio valley and the great lakes. that storm lasted 36 hours, leaving cars stranded. this storm could also b
. using company documents to bolster their case, justice department lawyers says the deal will lead to higher prices for popular beers like budweiser and corona. anheuser-busch inbev says it is still confident the deal will go through. as darren gersh reports, the fight could be a sign more mergers will face a tougher time in washington. >> reporter: the justice department is not quite ready for a two-pack of brewers to control almost half the american beer market. in a statement announcing a lawsuit to block anheuser-bush inbev's $20 billion deal for mexican brewer modelo, assistant attorney general bill baer says >> if abi fully owned and controlled modelo, a.b.i. would be able to increase beer prices to american consumers. this lawsuit seeks to prevent a.b.i. from eliminating modelo as an important competitive force in the beer industry. anheuser-busch was not deterred, saying: >> we remain confident in our position, and we intend to vigorously contest the justice department's action in federal court. >> reporter: the proposed merger between the largest and third largest beer mak
those retail numbers are a positive sign for the u.s. economy. investors were worried about some not so good signals today about europe's economy. stocks turned negative on comments from europe's central bank president saying the strong euro could dampen europe's recovery. here on wall street, the dow fell 42 points, the nasdaq lost three and the s&p slipped over two points. >> tom: still ahead, douglas burtnick joins us, he's with aberdeen asset management. >> susie: a battle is brewing between a big name hedge fund investor and apple. at issue: how to get apple to unlock value for shareholders. today david einhorn of greenlight capital sued apple to block a move that would stop the use of preferred shares. shareholders will vote on this at apple's annual meeting on february 27. what einhorn is proposing is that apple pay out more of its cash hoard to investors, using a special kind of preferred stock. einhorn has a lot at stake: his fund owns more than one million shares of apple, and while the stock rose a bit today, it's down 35% since its peak of $700 last september. late today app
.e.o. tim cook sheds little light on how the company plans to use its hoard of cash. that and more tonight on "n.b.r."! for the second day in a row, federal reserve chairman ben bernanke told congress the central bank is not about to change its strategy, and for a second day, a strong rally on wall street. the dow surged 175 points to a five year high, the nasdaq added 32, the s&p was up 19 points. investors and traders warmed to the federal reserve chairman's steadfast support of the central bank's bond buying spree, he thinks the asset purchases are necessary to keep interest rates low in order to spur growth and boost hiring. the fed has been buying $85 billion a month in american i.o.u.'s since last september. while it won't stop the strategy, it will soon start talking about how to stop. >> we haven't done a new review of the exit strategy yet. i think we will have to do that sometime soon. even if we don't sell any securities, it doesn't mean that our balance sheet is going to be large for many years, it just would be maybe an extra year, that's all it would take to get down to a mor
, wall street could use some new headlines to chew on. good economic data would be nice. friendly washington politics would also be helpful. tonight's state of the union speech might give investors a clue as to whether that's likely to happen. veteran trader teddy weissberg is hoping president obama will stress the need for bipartisanship but isn't sure that's what he'll hear. >> in terms of tonight, i don't think anybody that i talk to in the wall street arena expects to hear anything terribly dramatic one way or another. >> reporter: since lawmakers and the white house kicked the proverbial can down the road around new years, the stock market has rallied rather nicely. the s&p 500 is up nearly 7% and the dow is about 150 points away from its all-time high. of course, stocks have been getting help from corporate america, too. it turns out fourth quarter profits were better than expected, led by the housing sector and financial firms. >> about 345 companies have reported so far, of which 70% have beaten earnings expectations and 66% have beaten revenue expectations. both of these
in commodities. >> susie: and u.s. companies and infrastructure are increasing under the threat of cyber attack. we look at a new plan tying safeguards to trade policy. >> tom: that and more tonight on "n.b.r."! >> susie: on the comeback trail, hewlett packard posting better than expected first quarter results tonight, as a wide- ranging revamp of the struggling computer maker takes hold. and its shares take flight, rising over 6% in after hours trading. h.p. earned $0.82 a share, $0.11 better than wall street had anticipated. and revenues, while down at $28.4 billion, also beat the street. c.e.o. meg whitman has been on the job 17 months, speaking with investors today, whitman said she felt good about the rest of the year, and that last year's hard work was paying off for h.p. but, analysts say h.p. is not out of the woods yet. >> it's the type of thing that can be fixed quickly. this isn't going to take several years to play out so first of all it seems like meck whitman's vision is very much on track but we're not seeing that play out in the financials, but it is encouraging that guidance wa
-- including u.s. government officials who in 2007 publicly stated that problems in the subprime market appeared to be contained." >> reporter: s&p goes on to argue that the securities at issue in the justice department's case were reviewed by another ratings agency and received the same rating. s&p says it also began downgrading many mortgage securities in 2006, warning that conditions in the housing market were deteriorating. but critics say what matters is what s&p claimed at the time it stamped securities triple a. >> the ratings agencies claim that they have unique analytic abilities and very sophisticated models that enable them to determine the credit worthiness of a bond, a derivative, a security. >> reporter: s&p points out court rulings have dismissed what it called challenges to a credit rating made with 20/20 hindsight. if the justice department does sue, standard and poor's says it will vigorously defend itself. darren gersh, "n.b.r.," washington. >> tom: still ahead, tonight's word on the street: consumers, the street.com's david peltier joins us with some consumer product
rain and snow, but not on saturdays. the u.s. postal service is dropping saturday letter deliveries to save billions. >> tom: i'm tom hudson. fresh pain at the pump. american drivers see a steep jump in gas prices: up 15 cents a gallon in the past week alone. >> susie: and the federal reserve says it's been hit, by cyber hackers. we look at u.s. businesses and just how safe their networks are. >> tom: that and more tonight on "n.b.r."! >> susie: the u.s. postal service says this summer it will stop delivering mail on saturdays, ending a service that began 150 years ago. cutting back to a five-day a week schedule will save $2- billion. the post office has been losing about $20 million a day, as e- mail useage ramps up and mail volume plunges. congress has required the post office to deliver six days a week, but the postmaster general believes there is a loophole in the law that will allow him to make the change. darren gersh reports on the business fallout. >> reporter: first class mail is the postal service's most profitable product. it is also a business that is disappearing at the
. that and more tonight on "n.b.r." investors spent much of this week focused on the u.s. market with major market indexes hitting five-year highs. but now the spotlight is shifting overseas. g-20 finance ministers and central bankers are meeting in moscow over the weekend. they will be debating the need for austerity, versus the need to spur growth. no one expects a quick turnaround for the european economy, which has been mired in recession. but as erika miller reports, that may make now a good time to invest. >> reporter: it would makes sense that american investors would be loading up on u.s. stocks with the market here doing so well. but they're not. last week, investors in stock mutual funds put virtually all their cash in international markets. more than $3 billion went into funds holding international stocks. by comparison, mutual funds holding u.s. stocks suffered their first outflows of the year. investment advisors say small investors may be on to something. >> international investing has had a bad reputation over the last couple of years had a bad experience, people have taken money ou
industry. >> susie: the u.s. government wants as much as $5 billion from standard and poors, officially accusing the credit ratings agency of fraud during the housing boom. >> tom: and earnings from a trio of consumer stocks finds us spending money on eating out and watching tv. >> susie: that and more tonight on "n.b.r." >> tom: a bold new chapter for computer maker dell was opened today. michael dell said today he's taking the company he founded almost 30 years ago private. it's a $24.5 billion deal offering dell investors $13.65 per share. now, at one point, dell was the largest p.c. maker in the world, boasting market capitalization of more than $100 billion. now, it sits behind apple, hewlett packard and lenovo, valued a fifth of what it once was. ruben ramirez begins are coverage. >> reporter: michael dell admits he missed the consumer shift away from the p.c. to tablets and smartphones, but today's announcement his company is going private doesn't necessary address how dell is going to try to capture those markets. >> they want to continue to be a hardware player, but the questio
its easy efforts to stimulate the economy had u.s. markets seeing green. the dow gained 116, the nasdaq is up 13, and the s&p rose nine. washington bureau chief darren gersh has details on the fed chairman's strong defense of his aggressive policy to support the economy. >> reporter: sure, there are risks when the federal reserve is buying almost $3 billion worth of bonds every day. but chairman ben bernanke told congress basically, "we got this." >> although a long period of low rates could encourage excessive risk taking, and continued close attention to such developments is certainly warranted, to this point, we do not see potential costs to the increased risk- taking in some financial markets is outweighing the benefits of promoting a stronger economic recovery and more rapid job creation. >> reporter: with unemployment stuck around 8% and inflation subdued at 1.5%, there are no economic red lights flashing. so bernanke gave no signals he was ready to change course or back away from his aggressive program to get the economy back to a more normal level of output. still, t
, "n.b.r.," washington. . >> chairman of macroeconomic advisers joins us tonight from st. louis. you have been looking at the sequester and fiscal cliff for man moons, joel. a pay cut for hundreds of thousands federal employees april 1. that sounds pretty substantial. is it, to the economy? >> well, first of all, it's substantial to the people affected, no question about that. in terms of its impact on the economy, we recently did a study that suggested if the sequester goes into full effect march 1, want impact will be to knock .6% off of growth this year. that is if we thought the economy was going to grow at about 2.6% without the sequester, that will be reduced to 2% with the sequester. >> tom: for this year, we're talking $85 billion potentially taken out of the growth of government spending between march 1 and the end of september and a $4 trillion budget. proportionally for median household income that's the equivalent of $1,000 out of a $50,000 income being taken out. how can that impact economy so much? >> well, it's-- it amounts to something like an 8% cut in the level of g
saying, "we think our stock is overvalued, let's use it while we can to buy the competition." >> reporter: there may be a lot more corporate marriages in the months ahead, but stovall says the stock market still needs to digest its recent gains. >> i think that we could end up seeing a relatively mild correction in prices, something on the order of 5% or maybe more. but then we're going to see a lot of investors say, "it's time to jump back in because i missed most of this move." >> reporter: stovall also says any stock market correction needs a trigger. what that may be, however, is anyone's guess. suzanne pratt, "n.b.r.," new york. >> tom: dell is among those companies involved in the deal- making this year. its founder and a group of investors wants to take dell private. in the meantime, the company reported better than expected quarterly earnings late today. dell earned 40 cents per share last quarter. while that's down considerably from a year ago, it is slightly better than wall street estimates. still, business continues to be tough. the lone business dell saw revenue grow last qua
: president obama also used last night's speech to push for an increase in cyber security. his proposal set the stage for a fresh debate on the urgency for cyber-security. the president made the case that america's power grid, financial institutions and air traffic control systems, are vulnerable to attacks. so he's calling on congress to pass legislation to give the u.s. government the capacity it needs to secure our networks. the president also issued an executive order, to create cyber security standards for u.s. businesses, and for the government to share more information about threats. but cyber security experts, say while that sounds easy, it's hard to do. >> you can't just inform one party necessarily, you might really have an obligation as a government to inform every player in a sector, and then of course that's a high bar, because you're sharing the information with a lot of people which increases the likelihood that it might get out back into the wrong hands. >> susie: beckstrom says the threat of cyber attack or manipulation to critical infrastructure like the power grid and tra
following a tough recession. darren gersh, "n.b.r.," washington. >> susie: joe davis joins us now, he's chief economist at vanguard, the giant mutual fund company. >> susie: joe, nice to have you with us on this important day. let me start by asking you, do you think the fed is taking on too much risk? >> i think there is an argument that can be made. we've had a concern for more than a year that there are both costs as well as benefits with respect to very aggressive monetary policy. and just some of the behavior we've seen in the financial markets. i know the report talked about excessive risk-taking. so i've had a concern that those costs associated with monetary policy may not have been given the sort of credence they should have been. so a positive development, in my mind, to today's minutes it was that federal reserve policy-makers were more aggressively talking about both the pros and cons wreaptwith respect to aggressive monetary policy. >> susie: one thing we've been hearing repeatedly from the federal reserve is they're not going to make any change in this policy, raising in
Search Results 0 to 14 of about 15